- Elon Musk is confident that Twitter could become the biggest financial institution by offering convenient payment options.
- So far, Musk has remained tight-lipped about his crypto plans at Twitter post-acquisition, to probably avoid any regulatory scrutiny.
Ever since the acquisition of Twiteer in October 2022, business tycoon Elon Musk has been quite vocal about driving the social media application toward profitability. During a conference on Tuesday, March 7, Musk shared his lofty goals of making Twitter a leading payment service.
In the past, Musk has already shared his vision for the X everything super-app inspired by Chinese tech giant Tencent. WeChat, the popular application from Tencent, is a go-to app for Chinese users to hail a cab, book appointments, buy groceries, and do much more.
During his hour-long interview with Morgan Stanley managing director Michael Grimes, Elon Musk stated that Twitter should become cashflow positive by the second quarter of this year.
If true, this could be a major turnaround for Twitter after reporting a $270 million loss in the second quarter of 2022. In his interview with Grimes, Musk added:
I think it’s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.
The billionaire also added that he wants to provide a “powerful finance experience” superior to the one offered by giants like PayPal. While Musk has shared the overview and his vision for Twitter going ahead, he didn’t speak of any plan of action or the roadmap ahead.
It’s just over four months that Elon Musk has been at the helm of affairs at Twitter. He and his team have been doing a major rejig at the platform recently. One quick way to ensure regular cash flows was to add a monthly subscription to the Twitter verification badge.
Twitter and Crypto
Elon Musk has been a vocal proponent of cryptocurrencies with his own electric carmaker Tesla holding a large quantity of Bitcoins on its balance sheet. Furthermore, we know that Elon Musk has been backing the memecoin – Dogecoin (DOGE) – for a very long time.
As a result, Musk’s acquisition of Twitter back in October 2022 led to a major rally in the DOGE over the expectation that Twitter will feature DOGE payments in the future. Before his Twitter acquisition in April 2022, Musk also hinted that Twitter might probably have an option of DOGE payments in the future.
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However, post-Twitter acquisition, Elon Musk has been not quite vocal about his crypto plans. One reason could be to avoid any scrutiny at this point. As we know, the U.S. Securities and Exchange Commission (SEC) has been going after crypto firms post the FTX collapse.
While several other things are keeping Musk busy at Twitter, he prefers to avoid ruffling feathers with the regulators at this point.
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